GUTS vs VXZ: Correlation
Measured on weekly returns over the past three years, Fractyl Health, Inc. (GUTS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GUTS and VXZ?
Across a 3-year window, the weekly returns of GUTS and VXZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -737.4 %².
Out of 10 assets tracked against GUTS, VXZ lands near the bottom at #9. The trailing year gives VXZ the advantage: -25.1% versus -16.1%, a 9.0-point spread. Risk is not evenly split, since GUTS carries 4.2 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
GUTS vs VXZ: side by side
| GUTS (Fractyl Health, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -25.1% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 108.3% | 25.6% |
| Beta vs S&P 500 | 1.43 | -1.31 |
| Max drawdown (3Y) | -96.9% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GUTS | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | – | -12.7% |
| 2025 | +6.8% | +5.7% |
| 2026 | -66.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GUTS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between GUTS and VXZ?
As of 2026-08-27, the correlation of weekly returns between GUTS and VXZ is -0.27 over 3 years, -0.26 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for GUTS?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/guts-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/guts-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GUTS correlations · VXZ correlations
